Reliance Industries reclaims Rs 8 lakh crore m-cap after 13 trading sessions
BusinessToday.In August 13, 2019
Reliance Industries share reclaimed the Rs 8-lakh crore capitalisation mark in trade today after chairman Mukesh Ambani announced Saudi Aramco would buy 20% stake in Reliance Industries' oil-to-chemicals business at an enterprise value of $75 billion (around Rs 5.32 lakh crore).
The Mumbai-based conglomerate has crossed the Rs 8-lakh crore market capitalization mark after 13 trading sessions. Reliance Industries shareholders gained Rs 84,151 crore in the first hour of trade today after market capitalisation of the firm rose to Rs 8,20,753 crore compared to Rs 7,36,602 crore in Friday trade. On July 23, 2019, the market capitalization of the firm stood at Rs 8.06-lakh crore mark. Since then, the market capitalisation has remained below the Rs 8-lakh crore mark.
Reliance Industries share price rose 12.09% to Rs 1,302.50 compared to previous close of Rs 1,162 on BSE.Also read: Reliance Industries share price surges over 11% on deal with Saudi Aramco, debt reduction plan
Reliance Industries share price marked its biggest intraday jump today since January 14, 2009 after the conglomerate held its 42nd Annual general meeting on Monday.
The stock has risen from Rs 964 on July 5, 2018 when the RIL held its 41st AGM to Rs 1162 on Friday (August 9) translating into a rally of over 20%.
Additionally, Ambani announcing plan to become "a zero net debt company" by March 2021 at the Annual General Meeting yesterday led to positive sentiments around the stock.
The large cap stock has been gaining for the last three days and has risen 15.28% in the period. Reliance Industries share price opened with a gain of 6.71% at Rs 1240 on BSE.
Reliance Industries share price has gained 7.96% during the last one year and risen 14.33% since the beginning of this year. In comparison, the benchmark Sensex rose 3.75% since the beginning of this year and lost 0.60% during the last one year. The share hit a fresh 52-week high of 1417 level on May 3, 2019. It hit a 52-week low of 1017 on October 25, 2018.
Edited by Aseem Thapliyal